Putnam Allstate Advisor Plus

Putnam Small Cap Value Subaccount

Fund description

The subaccount pursues its objective of long-term capital appreciation by investing in stocks of small companies that are undergoing positive changes. In accordance with its value strategy, it seeks holdings that have below-average price/earnings ratios and that are priced below their long-term business value. The subaccount's focus on low valuation helps to manage the risk associated with investing in small companies.

Sales story

Pursuing capital appreciation through undervalued small companiesSmall companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities to firms with strong research capabilities.A value strategy: The fund focuses on finding small companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.Rigorous research: The portfolio managers and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Management team

Daily pricing
as of 05/24/19

Lipper ranking ‡
as of 04/30/19

Category: Small-Cap Value Funds

Percentile ranking

Rank/Funds in category

10 yrs.

29%

11/37

1 yr.

74%

30/40

3 yrs.

47%

19/40

5 yrs.

66%

26/39

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts
as of 04/30/19

Fiscal Year End

December

Asset Class

Putnam Allstate Advisor Plus

Subaccount Status

Open to new investors

Number of issues

130

Turnover (fiscal year end)

561%

Net Assets

$131M

Inception Date

04/30/99

Performance

Performance
as of 03/31/19

Annual

Cumulative

Annualized Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

13.25%

13.25%

-6.59%

6.47%

2.22%

12.79%

6.71%

Standardized

5.25%

5.25%

-14.06%

4.07%

1.10%

12.79%

6.71%

With optional enhanced death benefit

Unit Value

13.20%

13.20%

-6.73%

6.31%

2.07%

12.62%

6.55%

Standardized

5.20%

5.20%

-14.19%

3.90%

0.94%

12.62%

6.55%

Actual performance

Unit Value

13.25%

13.25%

-6.59%

6.47%

2.22%

12.79%

6.69%

Standardized

5.25%

5.25%

-14.06%

4.07%

1.10%

12.79%

6.69%

With optional enhanced death benefit

Unit Value

13.20%

13.20%

-6.73%

6.31%

2.07%

12.62%

6.53%

Standardized

5.20%

5.20%

-14.19%

3.90%

0.94%

12.62%

6.53%

Cumulative Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

13.25%

13.25%

-6.59%

20.70%

11.62%

233.26%

264.86%

Standardized

5.25%

5.25%

-14.06%

12.70%

5.62%

233.26%

264.86%

With optional enhanced death benefit

Unit Value

13.20%

13.20%

-6.73%

20.16%

10.78%

228.23%

253.97%

Standardized

5.20%

5.20%

-14.19%

12.16%

4.78%

228.23%

253.97%

Actual performance

Unit Value

13.25%

13.25%

-6.59%

20.70%

11.62%

233.26%

244.25%

Standardized

5.25%

5.25%

-14.06%

12.70%

5.62%

233.26%

244.25%

With optional enhanced death benefit

Unit Value

13.20%

13.20%

-6.73%

20.16%

10.78%

228.23%

234.39%

Standardized

5.20%

5.20%

-14.19%

12.16%

4.78%

228.23%

234.39%

Annual Performance at NAV

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

29.43%

23.97%

-6.25%

15.60%

37.38%

1.78%

-5.77%

25.46%

6.15%

-21.22%

With optional enhanced death benefit

29.23%

23.78%

-6.39%

15.43%

37.17%

1.62%

-5.92%

25.27%

5.99%

-21.34%

Restated performance

Monthly
as of 03/31/19

Unit Value

--

Standardized

--

YTD
as of 05/24/19

Unit Value

12.71%

Standardized

4.71%

With optional enhanced death benefit

Monthly
as of 03/31/19

Unit Value

--

Standardized

--

YTD
as of 05/24/19

Unit Value

12.65%

Standardized

4.65%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Portfolio Composition as of 04/30/19

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

Top Industry Sectors
as of 04/30/19

Financials

26.22%

Industrials

17.32%

Consumer discretionary

13.09%

Information technology

12.42%

Energy

8.02%

Communication services

5.60%

Materials

4.93%

Real estate

4.20%

Health care

3.01%

Other

5.19%

Utilities

2.75%

Cash and net other assets

1.92%

Consumer staples

0.52%

0

Expenses

Sales Charges/Fees

Breakpoint

Sales Charge

Dealer Allowance

CDSC Liab

$0 - $0

0.00%

0.00%

N

The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations. Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

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